NEW DRILLING CONTRACT FOR BELFORD DOLPHIN AND THE NEWBUILD

Dolphin Drilling Ltd., a subsidiary of Fred. Olsen Energy ASA, has entered into contracts for the provision of the drillship Belford Dolphin and its newbuild drillship under construction by Hyundai Heavy Industries (HHI) with Anadarko Petroleum Corporation (APC). The contracts are each for four years and are expected to be in support of Anadarko’s future long term drilling programmes offshore Mozambique.

The Belford Dolphin contract will commence January 1st 2012 in direct continuation of its existing contract with APC which had previously been scheduled to continue to April 2013. The value for the Belford Dolphin contract is approximately $701 million.

The four year term of the newbuild drillship contact will begin on commencement of operations offshore Mozambique expected in the fourth quarter 2013 following delivery by HHI and mobilization to Mozambique. The newbuild drillship contract value is approximately $727 million including a mobilization fee of $15 million. In connection with the newbuild contract it will be invested in a second BOP, estimated to USD 35 million.


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